Ford CEO compensation drops 37 percent in 2008

By IBT Staff Reporter On 03/24/09 AT 4:40 PM

Ford Motor Co Chief Executive Alan Mulally's total compensation fell 37.4 percent to $13.6 million in 2008 from the prior year as the automaker fought a downturn in auto sales, the company said on Tuesday.

Mulally, who has agreed to take a 30 percent pay cut in 2009 and 2010 from his $2 million salary, received no bonus in 2008 after receiving a bonus of more than $4 million in 2007, the company said in a preliminary proxy.

Ford's compensation for Mulally included $344,109 for personal use of company and private aircraft in 2008, less than half of the $752,203 the prior year.

Private jet travel by executives from Detroit-based automakers Ford, General Motors Corp and Chrysler LLC was a hot-button issue during congressional hearings late last year when the companies were seeking government emergency aid.

Ford, which did not seek emergency loans, will continue to pay the charter costs for Mulally's use of private aircraft for business and personal use. The company does not permit the CEO to fly commercially due to security reasons.